AES added 2GW of renewables in 2021, means to exit coal by 2025

• Global power business AES included more than 2GW of renewables as well as power storage to its portfolio last year as the business officially confirmed its intent to exit coal generation by 2025.

Majority (1,129 MW) of solar, wind or energy storage space addition in 2021 came from the United States, adhered to with 859MW of hydro, wind, power storage space and solar from Chile, Brazil as well as Colombia, and also the staying 91MW of solar in Panama and also the Dominican Republic.

At the same time, for the whole year of 2021, the company got virtually 5GW (4,965 MW) of renewables and energy storage with long-terms PPAs, passing its previous target of 3-4GW for 2021, and of which 978MW were included since its Q3 results.

At the end of 2021, the backlog of renewables projects to be completed by end of 2025 stood at greater than 9.2 GW, comprising of 3,497 MW incomplete and 5,742 MW of long-term PPAs. AES' complete pipeline of prospective projects stands at 59GW.

The target for brand-new renewables lasting PPA signings in 2022 is in the 4.55-5.5 GW range.

"Last year was AES' finest year ever before, in regards to security, brand-new renewables PPAs authorized, development in our stockpile of projects and pipeline, profits as well as capital," claimed Andrés Gluski, AES president as well as CEO.

The US-headquartered company previously intended to cut its coal task to less than 10% of total generation by the end of 2025, with an actual coal portfolio of 7.1 GW, however this has now been modified to totally exit it by year-end 2025.

"To continue to speed up the future of power, today, we are introducing our intent to exit coal generation by the end of 2025. We are dedicated to completing the makeover of AES, while maintaining our support and providing solid monetary results," stated Gluski.

In July 2021, AES signed an agreement with the Chilean government to close 1.1 GW of its coal generation in the country by 2025.

Back in November, AES' power storage joint venture Fluence finished its IPO, with AES maintaining 34% of ownership.

In December, AES launched its very first AI-driven solar installation robotic that would certainly raise rate and also effectiveness when constructing new solar facilities.